AZAD
Azad Engineering share price & financials
- Price
- ₹2,095.2
- Market cap
- ₹17.6k Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Azad Engineering Limited Q1 FY27
What went well
- Standalone Revenue grew 26.8% YoY to ₹170.5 crores, demonstrating a strong start to FY27.
- Standalone EBITDA margin expanded 150bps YoY to 37.6%, reflecting operating leverage and cost efficiencies.
- Successfully manufactured and delivered India's first indigenous expendable turbojet engine, marking a strategic shift to a propulsion system player.
What to watch
- Other income moderated sharply to ₹4 crores in Q1 FY27 from ₹17 crores in Q4 FY26 due to volatile foreign currency dynamics.
- Working capital days are targeted to reduce from around 200 days in H1 FY27 to 160-180 days by H2 FY27, indicating current higher levels.
What Azad Engineering Limited does
Azad Engineering designs and manufactures highly-engineered, mission- and life-critical rotating and stationary components — such as airfoils, blades, nozzle vanes and other turbine and aero-engine parts — for gas/steam turbine, aerospace, defence and oil & gas equipment makers. It operates as a Tier-1 precision supplier, earning revenue by qualifying parts to OEM specifications (a multi-year process) and then manufacturing them under long-term supply agreements. The vast majority of output is exported to global OEMs across the Energy & Oil & Gas and Aerospace & Defence verticals.
Segments
- Energy & Oil & Gas
- Aerospace & Defence
- Manufacturing facilities
- Multiple plants at Tunikibollaram Industrial Park, Hyderabad, including four newly inaugurated customer-dedicated lean manufacturing facilities (for Mitsubishi Heavy Industries, GE Vernova, Siemens Energy and Baker Hughes)
- Operational manufacturing area
- ~20,000 sq. m
- Manufacturing area under expansion (Phase-1)
- ~94,899 sq. m
- Qualified parts and components
- 1,700+
- Specialised manufacturing processes qualified
- 45+
- Export markets
- 12 countries including USA, UK, Germany, Japan, Saudi Arabia and Singapore
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 3 delivered 2 missed 8 open- Product Development (Jet Engine) delivered said Q2 FY26 Promised: Deliver it very soon, in a couple of months Q1 FY27: Achieved. Successfully manufactured and delivered India's first indigenous expendable turbojet engine.
- Working Capital Days diluted said Q4 FY26 Promised: Drastic change coming to closer to 200 days in H1 FY27, and get down to 160-170 days in H2 FY27. Q1 FY27: H1 target of ~200 days reiterated; H2 target revised to 160-180 days (from 160-170).
- Cash-to-Cash Conversion Cycle missed said Q4 FY25 Promised: 170 to 180 days by the end of this financial year (FY26) Q4 FY26: Missed. Inventory buildup led to elevated working capital. New guidance for FY27 is ~200 days in H1, 160-170 days in H2.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 26.7%, net profit up 20.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 111 | 119 | 125 | 135 | 143 +29% | 156 +31% | 157 +26% | 171 +27% |
| EBITDA | 40 | 43 | 45 | 49 | 51 +28% | 60 +40% | 58 +29% | 64 +31% |
| Net profit | 21 | 24 | 26 | 30 | 33 +57% | 34 +42% | 35 +35% | 36 +20% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +76.0% 1Y
1Y: ₹1,618.9 on 10 Sept 2025 → ₹2,849.1. High ₹2,899.9 (17 Aug 2026), low ₹1,366.5 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.4%
- 8 Aug
- Q4 FY26
- −8.5%
- 16 May
- Q3 FY26
- +4.4%
- 14 Feb
- Q2 FY26
- −2.4%
- 3 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 31.6% a year over 2 years, FY24 to FY26. Operating margin widened to 36.9%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹341 Cr | ₹453 Cr | ₹591 Cr |
| Operating profit | ₹116 Cr | ₹161 Cr | ₹218 Cr |
| Operating margin | 34.0% | 35.5% | 36.9% |
| Interest | ₹47 Cr | ₹18 Cr | ₹30 Cr |
| Depreciation | ₹20 Cr | ₹29 Cr | ₹51 Cr |
| Net profit | ₹58 Cr | ₹88 Cr | ₹132 Cr |
| Net margin | 17.0% | 19.4% | 22.3% |
| Cash from operations | ₹-7 Cr | ₹63 Cr | ₹-123 Cr |
| Free cash flow | ₹-78 Cr | ₹-212 Cr | ₹-694 Cr |
| ROCE | 20.0% | 12.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹12 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹91 Cr | ₹118 Cr | ₹202 Cr | ₹633 Cr | ₹1.5k Cr | ₹1.5k Cr |
| Borrowings | ₹87 Cr | ₹197 Cr | ₹300 Cr | ₹39 Cr | ₹300 Cr | ₹464 Cr |
| Other liabilities | ₹77 Cr | ₹87 Cr | ₹85 Cr | ₹113 Cr | ₹162 Cr | ₹179 Cr |
| Total liabilities | ₹257 Cr | ₹404 Cr | ₹589 Cr | ₹797 Cr | ₹1.9k Cr | ₹2.2k Cr |
| Fixed assets | ₹114 Cr | ₹137 Cr | ₹210 Cr | ₹257 Cr | ₹522 Cr | ₹756 Cr |
| Capital work in progress | ₹0 Cr | ₹24 Cr | ₹38 Cr | ₹45 Cr | ₹155 Cr | ₹257 Cr |
| Investments | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹136 Cr | ₹237 Cr | ₹335 Cr | ₹494 Cr | ₹1.3k Cr | ₹1.2k Cr |
| Total assets | ₹257 Cr | ₹404 Cr | ₹589 Cr | ₹797 Cr | ₹1.9k Cr | ₹2.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −2.86 pp while DIIs added +1.41 pp. The shareholder count grew 4% to 1,33,221.
- Promoters
- 55.8%
- FIIs
- 13.3%
- DIIs
- 10.3%
- Public
- 20.5%
Since Jun 2025
- FIIs −2.86 pp
- DIIs +1.41 pp
- Public +1.00 pp
How it drifted, 11 quarters
Over this window promoters fell from 65.9% to 55.8% — −10.1 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 65.9%, FIIs 4.7%, DIIs 5.7%, Public 23.7%.Mar '24: Promoters 65.9%, FIIs 7.0%, DIIs 5.0%, Public 22.1%.Jun '24: Promoters 65.9%, FIIs 9.7%, DIIs 3.4%, Public 21.0%.Sep '24: Promoters 65.9%, FIIs 9.7%, DIIs 5.7%, Public 18.6%.Dec '24: Promoters 65.9%, FIIs 10.0%, DIIs 6.6%, Public 17.6%.Mar '25: Promoters 60.3%, FIIs 14.2%, DIIs 8.2%, Public 17.2%.Jun '25: Promoters 55.4%, FIIs 16.2%, DIIs 8.9%, Public 19.5%.Sep '25: Promoters 55.4%, FIIs 15.8%, DIIs 9.8%, Public 19.0%.Dec '25: Promoters 55.8%, FIIs 15.3%, DIIs 10.7%, Public 18.1%.Mar '26: Promoters 55.8%, FIIs 14.8%, DIIs 11.7%, Public 17.7%.Jun '26: Promoters 55.8%, FIIs 13.3%, DIIs 10.3%, Public 20.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund +0.09 pp 1.59% held
- Whiteoak Capital Flexi Cap Fund Mutual fund +0.07 pp 1.26% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Azad Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rakesh Chopdar | 54.88% | unchanged |
| ICICI Prudential Balanced Advantage Fund Mutual fund | 3.51% | −1.43 pp |
| Abu Dhabi Investment Authority - Monsoon Sovereign | 1.74% | −0.41 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund | 1.59% | +0.09 pp |
| Whiteoak Capital Flexi Cap Fund Mutual fund | 1.26% | +0.07 pp |
| Nomura India Investment Fund Mother Fund Global fund house | 1.13% | −1.10 pp |
| Kotak Infrastructure & Economic Reform Fund Mutual fund | 1.05% | unchanged |
| Jyoti Chopdar | 0.68% | unchanged |
| Satwik Chopdar | 0.23% | unchanged |
| Babita Shripalsingh Sulhyan | 0.02% | unchanged |
| Ella Walia | 0.01% | unchanged |
| Amit Walia | 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹2849, this stock must grow earnings at 56% every year for 7 years. Our analysis caps realistic growth at ~63%. At that growth it is worth ₹3800 — upside of 33%.
- Growth the price implies
- 56.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 63.3% a year
- net profit, FY24–FY26
- The gap
- -0.1 pp
- 33% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Azad Engineering Limited
Guides on how to read this kind of business and the numbers that matter.